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SBI expects Bitcoin Cash and blockchain will fuel Japan's next economic boom

27 Jun, 2018
by Becky Tsoi
News
SBI expects Bitcoin Cash and blockchain will fuel Japan's next economic boom

The chief executive of SBI Holdings, Yoshitaka Kitao, was betting that blockchain related technologies will fuel the next boom for the Japanese economy after decades of economic malaise at the Japan Blockchain Conference.

During the last economic boom in 1970-80s, Japan attained the world's second-largest GDP after the U.S. After decades of stalled growth, ‘technology boom’ is expected to be another kick-start for the economy.

To trigger an economic boom, 5-G mobile connectivity, Internet of Things (IoT), strong computing power and artificial intelligence should be combined to lead its way.

According to Forbes, Yoshitaka expects the boom coming in next few years will steer SBI towards blockchain and cryptocurrencies. "We want to take blockchain beyond financial," Yoshitaka Kitao said. "There's a lot of speculative demand around cryptocurrencies, which is why the price is going up so quickly, but people need to think about how these technologies are being used in real life and how they can improve people's businesses."

SBI is investing in companies in Japan and across east Asia with its $460 million ‘AI & Blockchain Fund’, which was established earlier this year. Planning to launch a cryptocurrency exchange this summer, SBI has also invested in a renewable energy wind farm for Bitcoin Cash mining. Yoshitaka believes Bitcoin Cash is more reliable compared to original Bitcoin. "Bitcoin is too expensive and people are just holding it and hoping it increase in value," said Yoshitaka.

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